12̞MONTH ROLLING CAD DOWN TO USD 14.3BN

The 12-month rolling current account deficit (CAD) dropped from USD 15.4bn to USD 14.3bn in November, compared to the previous month, according to the Central Bank. The current account posted a USD 2.68bn deficit in November, down by USD 866m year-on-year. The market estimated the CAD will hover around USD 2.5bn. The decrease stemmed from the decline in the foreign trade deficit and increase in tourism revenues. Excluding gold and energy, the current account posted a USD 1.13bn surplus in November 2020, compared to a USD 2.4bn surplus in November 2021. The net foreign direct investment totaled USD 359m, while the net portfolio investment outflow amounted to USD 1.44bn in November 2021. Official reserves rose by USD 2.83bn in net terms in November.